Bulgaria opens bidding for oil, gas search in Black Sea block

Bulgaria's energy ministry said on Tuesday that a bidding procedure for a permit for oil and gas prospecting and exploration in offshore Block 1-26 Khan Tervel, in the country's exclusive economic zone in the Black Sea, has now been published in the Official Journal of the European Union.

The permit for the 4,032 sq km block will have a term of five years, which can be extended twice by two years, the energy ministry said in a press release.

Starting June 18, potential candidates will have 120 days to purchase bidding dossiers. Applications to take part in the bidding procedure must be submitted within 140 days, with bids due by the 155th day.

To participate, applicants need to have generated at least 150 million euro ($160.7 million) in net sales revenue in total for the past three financial years and submit a deposit of 15,000 levs ($8,215/7,669 euro). Additionally, interested parties should have software for interpreting seismic data and expert staff to carry out project activities.

"Expansion of research in the Black Sea will contribute to the development of own extraction, which is of strategic importance for guaranteeing the security of the country through the diversification of energy sources," caretaker energy minister Vladimir Malinov said.

The bids will be evaluated based on the proposed work plans, funding for environment protection and the offered bonuses.

In August 2023, Bulgaria's government said it has decided to launch a tender for an oil and gas prospecting and exploration permit in Block 1-26 Khan Tervel.

(1 euro = 1.95583 levs)

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